Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee posted marginal gain against the US dollar in the inter-bank market on Wednesday.
At close, the local currency settled at 279.66, a gain of Re0.01 against the greenback.
On Tuesday, the local currency closed at 279.67, according to the State Bank of Pakistan (SBP).
Pakistan’s central bank chief expects the economy to grow as much as 4.75% this fiscal year, pushing back against a recent downgrade by the International Monetary Fund (IMF).
The SBP raised its FY26 growth forecast to 3.75–4.75% at its January meeting, 0.5 percentage point higher than its previous range, despite a contraction in exports in the first half of the year and a widening trade deficit.
Meanwhile, the yen held on to solid gains on Wednesday as investors bet that Prime Minister Sanae Takaichi’s landslide election victory puts her in a strong position to pursue more fiscally responsible policies.
Elsewhere, the Aussie broke above $0.71 for the first time in three years.
The dollar wobbled ahead of the key US non-farm payrolls report due later on Wednesday, after a run of data overnight hinted at a softening in the world’s largest economy.
The yen was up nearly 0.4% against the dollar at 153.80, building on a 1% rise in the previous session that also saw it rally against other currencies.
The euro fetched 183.15 yen after a 1.2% drop on Tuesday, while sterling extended the previous day’s 1.3% fall against the Japanese currency and was down 0.28% at 210.00.
Trading was thinned in Asia due partly to a holiday in Japan.
Oil prices, a key indicator of currency parity, gained more than 2% on Wednesday, buoyed by potential supply risks should tensions between the US and Iran escalate, while draws of crude from key stockpiles suggested stronger demand.
Brent crude oil futures were up $1.52, or 2.2%, at $70.32 a barrel by 1320 GMT. US West Texas Intermediate crude rose $1.50, or nearly 2.4%, to $65.46.
Inter-bank market rates for dollar on Wednesday
BID Rs 279.66
OFFER Rs 279.86
Open-market movement
In the open market, the PKR gained 1 paisa for buying and remained unchanged for selling against USD, closing at 280.18 and 280.71, respectively.
Against Euro, the PKR lost 13 paise for buying and 11 paise for selling, closing at 333.43 and 336.34, respectively.
Against UAE Dirham, the PKR lost 5 paise for buying and 2 paise for selling, closing at 76.58 and 77.29, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and gained 1 paisa for selling, closing at 74.81 and 75.37, respectively.
Open-market rates for dollar on Wednesday
BID Rs 280.18
OFFER Rs 280.71
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